New Mortgage Rules Proposed
Both the Sacramento Bee and the Times- Standard take a look this morning at the aftermath of the housing market boom coupled with the mortgage lending practices that developed from high housing prices.
The chickens came home to roost and many people are finding themselves in trouble not being able to afford the loan payments. This comes as no surprise to some of us.
One state legislator is considering legislation to supposedly prevent at least some such occurances from happening in the future. Whether such legislation would help or hurt the situation, I'll leave to judge later.
I was driving through Eureka the other day and it seemed like there were more homes than I'd seen in a while up for sale. Don't know if it's just me. Maybe there's no more for sale than usual.
Still, I couldn't help but wonder if some local homeowners are trying to get out from under a difficult situation? Certainly some are as the Times- Standard mentioned there are 161 homes in Humboldt under some stage of foreclosure.
That doesn't sound as bad as I would of expected, though. I wonder if that's about average?